Clean Energy Fuels Corp. introduced Zero Now Financing, a program that makes the cost of leasing or purchasing a new natural gas heavy-duty truck equipped with the cleanest engine in the world, equal to the price or even lower than that of the same truck equipped with a diesel engine. In addition, trucks financed or purchased through the Zero Now Financing program will be able to purchase natural gas fuel at a fixed price significantly discounted to diesel for the term of the financing/lease through a unique hedging program.
Never before have private carriers, for-hire carriers, and shippers enjoyed the benefits of moving their goods in trucks that can substantially reduce their emissions for the price of a diesel truck. And if the trucks qualify for grants that are offered in states around the country, the cost could be considerably less than a diesel truck. The new natural gas trucks will take to highways equipped with a Cummins Westport ISX12N engine that has been certified by California Air Resources Board and the U.S. Environmental Protection Agency (EPA) at 0.02 g-NOx/bhp-hr and tested at 0.01 g-NOx/bhp-hr, which is at least 90 percent lower NOx emissions than current EPA NOx standards, making it the cleanest engine available today.
“The Zero Now Financing program levels the financial playing field by removing the price differential of a natural gas truck versus a diesel truck. This combination will give fleets a considerable sustainability advantage, which could result in winning more business,” said Andrew J. Littlefair, president and CEO, Clean Energy. “The goal is to significantly reduce the environmental impact of heavy-duty trucking and widen the adoption of natural gas as a clean, American-made fuel to move America’s goods around the country.”
Clean Energy already makes its Redeem™ renewable natural gas (RNG) available at many of its public stations and will work with fleets to provide it wherever possible. Redeem allows customers to achieve a reduction in greenhouse gas (GHG) emissions by at least 70 percent versus diesel. Redeem is the cleanest fuel for trucking today, with some RNG sources even reducing GHG emissions by over 100 percent.
Clean Energy is launching Zero Now Financing with $100 million in credit support from its new strategic partner Total S.A. (CAC: TOTF. PA), a global energy giant seeking to become the Responsible Energy Major, to cover the incremental portion of the truck value. Also, Clean Energy is partnering with multiple well-known financial institutions to make the process as seamless as possible.
The program extends to trucks built by a variety of manufacturers, operating on either compressed natural gas (CNG) or liquified natural gas (LNG) and equipped with the new CWI ISX 12N engine. The Zero Now Financing offer will include a five-year engine coverage option on the Cummins Westport ISX12.
Clean Energy operates a fueling network of over 100 public stations strategically located around the U.S. and Canada which accommodate Class 8 tractors and plans to add more to meet demand.